b.c. rental protection fund surpasses goal, preserves 2,200 homes, government says
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a b.c. program aimed at preserving affordable rental buildings as a way to tackle the affordable housing crisis has hit its goal with money left over, said housing officials.
the $500-million rental protection fund, which was established in 2023 by the ndp government, provides a one-time capital grant to non-profits to acquire existing rental housing and co-ops to protect them from redevelopment. its goal was to preserve 2,000 units over three years.
during an announcement outside a newly purchased, 1970s era, three storey apartment building in grandview-woodland on monday, fund ceo katie maslechko said the program has hit that target with money still unspent.
“in less than three years, 2,200 homes have been protected across b.c., surpassing the original goal with roughly a third of our funding still remaining and a proven model ready to scale,” she said.
the $150 million remaining in the fund can be nearly quadrupled with the help of the federal government, said maslechko. the federal liberal government announced its own canadian rental protection fund in budget 2024, which would provide $1 billion in low-interest loans and $470 million in contributions to non-profit groups to acquire rental units.
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to date, the b.c. fund has helped non-profits purchase 52 properties across 24 communities, including in port coquitlam, langley, burnaby, richmond, north vancouver and chilliwack in the lower mainland, as well as in esquimalt, victoria, parksville, squamish, kamloops, fort st. john and prince george.
recent acquisitions announced monday included 40 homes across two properties in grandview-woodland — the fund’s first foray in east vancouver after previous purchases in kerrisdale and marpole — for $6.8 million plus about $800,000 in renewal grants for improvements.
the two properties are home to residents, many of whom have lived there for decades, who now don’t have to worry about evictions or sudden rent hikes, said housing minister christine boyle: “by surpassing our goal so quickly, we’re showing that protecting homes people already rely on is one of the most impactful tools we have to ease pressures on renters.”
one of the residents who was identified only by her first name, betty, spoke at the announcement. she has lived at the building for 37 years.
“i love this area,” she said. “it’s home.”
when she first learned her building was up for sale, she was anxious but was able to breathe a sigh of relief when she learned the buyers, the new chelsea society, would work to keep rents permanently affordable.
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“they only took over last month and right away … they’re right in there doing things that should have been done a long, long time ago,” she said.
the government said rents at the two properties are more than 50 per cent below average vancouver rental rates, ranging from $1,100 for a studio to $1,500 for a two-bedroom unit.
the fund also helped the more than a roof housing society acquire three properties in white rock, providing a total of 37 homes, for $6.2 million and $700,000 in renewal grants. rents at the properties range from $800 to $1,550, or about 45 per cent below market rates, said the b.c. government.
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